Starting a business as a sole trader in Australia is one of the simplest ways to become your own boss, but it still requires smart planning, legal awareness, and ongoing management. Whether you’re just starting or already established, this checklist will help you stay compliant, organised, and ready for growth.
Here’s your complete Sole Trader Best Practice Checklist, curated specifically for Australian small business owners.
Business Setup Basics
Before anything else, get your foundations right:
- [ ] Register for an ABN (Australian Business Number)
- [ ] Choose a business name and register it with ASIC (optional but adds professionalism)
- [ ] Open a separate business bank account to keep your finances clean
- [ ] Select your accounting system (e.g. MYOB, Xero, QuickBooks, Excel)
Need help getting started? Use the ATO’s official Ready for Business Checklist to cover the basics.
Financial & Tax Management
Tax time doesn’t have to be stressful. Get ahead of your finances with these practices:
- [ ] Track income and expenses regularly using software or apps
- [ ] Put aside 25–30% of your income for tax obligations
- [ ] Understand eligible deductions like home office, subscriptions, travel
- [ ] Register for GST if your annual turnover exceeds $75,000
- [ ] Lodge your BAS (Business Activity Statement) quarterly or monthly if applicable
Pro Tip: Even if you’re under the GST threshold, it may benefit your business image to register early.
Legal & Compliance Essentials
Avoid costly surprises and keep your operations legitimate:
- [ ] Take out relevant insurance – public liability, professional indemnity, and asset coverage
- [ ] Understand your superannuation obligations (especially if hiring contractors)
- [ ] Keep records backed up – both digitally and on paper
- [ ] Stay on top of renewals – business name, licenses, domain names
Strategy & Growth Planning
A solid growth plan keeps you moving forward. Make time to:
- [ ] Define your target audience – build detailed customer personas
- [ ] Maintain a strong online presence – website, Google Business, social platforms
- [ ] Plan your marketing – create a content calendar, email campaigns, or promotions
- [ ] Network regularly – attend local events or engage in online business groups
🧠 Remember: A clear strategy increases your business visibility and potential revenue.
🧘 Mindset & Personal Development
A successful business also relies on a sustainable YOU.
- [ ] Set clear business goals and check in monthly
- [ ] Schedule downtime – creativity often comes when you’re not at the desk
- [ ] Outsource tasks you don’t enjoy or aren’t good at (e.g. bookkeeping, admin)
- [ ] Keep learning – stay updated with industry changes, online courses, and workshops
Get Started with Business Genie (BG)
Book Half-Hour Free Consultation and we’ll guide you through your next steps.
✅ ABN Registration Support
✅ Custom Business Setup Plans
✅ Expert Financial Advice to help you plan startup costs and ongoing management
✅ Accounting System Setup – We can help you get started with Xero, MYOB, or your preferred platform
